Northern Rock - Page 3

papa smurf · 18-02-2008, 17:19

Quote:

Originally Posted by BBKing

Well, not nationalising it had 'rip off the taxpayer' written all over it, and the Conservatives seem to be advocating that. Lets be clear, this is the NR suits' fault, but they'll put up a defence like 'we were complying with the relevant legislation' which ought to put the focus back on the relevant legislation. Since a lot of this was put in by G. Brown at the behest of his banking chums and since the Tories are bang onside with doing stuff at the behest of bankers, this won't get much scrutiny.

I'm wondering what we can nationalise next, now we've lost our collective virginity. Let's act like real sluts - BAA, perhaps? BT look ripe...

we could nationalise rover [oops to late]

lostandconfused · 18-02-2008, 17:24

I think they should nationalise Virgin Media,

Osem · 18-02-2008, 18:43

Quote:

Originally Posted by iglu

Since its privatization, NR was a ruthless organization, putting up accounts with high interest rates, attracting deposits, then reduce the rates of those accounts, create "new" accounts with high interest, and do the same again with a cylce of a few months. This scam went on and on, where was the FSA?
They did similar scams with the mortgages....

The expansion of NR was frightening, where was the FSA to regulate? And then NR came up with the idea to borrow from the markets, and we know what happened...

Whatever NR did is/was legal...

As I've mentioned elsewhere, finanical regulation in the City has been a joke for many years. Every few years they give the incompetent fools a new name but nothing much else changes.........

Raistlin · 18-02-2008, 18:52

So.....

Does this mean that the Government now own my house?

jkat · 18-02-2008, 19:19

Quote:

Originally Posted by Raistlin

So.....

Does this mean that the Government now own my house?

lol yes your house is now nationalized! we all own it!
(when can i come down and inspect please?)

Osem · 18-02-2008, 20:17

Yes Raistlin and HMG aka 'The Taxpayer' now also own any dodgy debts which NR has been involved in too.

Tezcatlipoca · 18-02-2008, 20:50

Anyone watching "Dispatches: How the Banks bet your money"?

Really reassures me about the competence of the Treasury, Bank of England, & the FSA...

...

Osem · 18-02-2008, 21:15

Quote:

Originally Posted by Matt D

Anyone watching "Dispatches: How the Banks bet your money"?

Really reassures me about the competence of the Treasury, Bank of England, & the FSA...

...

HMG likes to take the kudos and profits when times are good in the City and appoint the likes of the FSA to carry the can when the wheels come off as they inevitably do from time to time.

Chrysalis · 19-02-2008, 02:33

romours about there will be an estimated 250bill of taxpayers money pumped into the banking sector anonymously during this year and hsbc is in trouble.

iglu · 19-02-2008, 06:41

Quote:

Originally Posted by Chrysalis

romours about there will be an estimated 250bill of taxpayers money pumped into the banking sector anonymously during this year and hsbc is in trouble.

From what I hear Barclays is in trouble, it borrowed money on twice on on an emergency basis. HSBC seems to be doing relatively well, as a predominantly (22% of its profits) Chinese Bank has invested heavily in China and Hong Kong and that's +150% the last two years, ok it was +210% in November 2007 but....

lostandconfused · 19-02-2008, 07:34

Quote:

Originally Posted by iglu

From what I hear Barclays is in trouble, it borrowed money on twice on on an emergency basis. HSBC seems to be doing relatively well, as a predominantly (22% of its profits) Chinese Bank has invested heavily in China and Hong Kong and that's +150% the last two years, ok it was +210% in November 2007 but....

I wouldnt excatly say they are in troble. 1% less profit than last year, but still 7.08bn isnt too bad.
http://news.bbc.co.uk/1/hi/business/7252060.stm

iglu · 19-02-2008, 07:53

Quote:

Originally Posted by lostandconfused

I wouldnt excatly say they are in troble. 1% less profit than last year, but still 7.08bn isnt too bad.
http://news.bbc.co.uk/1/hi/business/7252060.stm

The Barclays share price is down 40% for a reason, and that despite the fact that Barclays bought back massive amounts of their own shares and they increased the dividend to make their shares more attractive. They run out of money twice, in both cases they claimed to be a technical error. Barclays Capital is doing brilliantly, but liquidity overall might me a problem..

BBKing · 19-02-2008, 08:01

Quote:

Whatever NR did is/was legal...

Yup. Given the Government's mania for illegalising things, it's odd that they overlooked 'running a bank into the ground and screwing up the public finances' when drawing up some of those 3500 new offences.

ntluser · 19-02-2008, 08:15

Seems that the banks and the government have forgotten that crises are avoided and they run well when people have confidence in them. Unfortunately, the actions of the banks and the government do not inspire public confidence.The way things are it won't be long before we have a run on another bank.

BBKing · 19-02-2008, 08:27

If it does happen again, do they immediately nationalise it to stop the run, rather than mucking about for six months pouring money down it? What about the third or fourth time? Perhaps we can all be given our own bank after a while?